tv Cavuto on Business FOX News April 7, 2012 7:30am-8:00am PDT
>> it's all about the pez, man. all about the pez right here. here is warren the pez man. >> brenda: i love that. and we wish you all a very, very happy holiday, neil is next. next. >> is a government agency charging taxpayers 800,000 for a swanky vegas junket is not enough, now there's this. >> now there's just a couple of small matters, like to talk about paying for the party held in the the commissioner's suite last night. >> donate my vacation ♪ love to the nation, never under investigation ♪ ain't no need for rwa, got money for days ♪ and love to the taxpayer, do we a favor ♪ put your hands up >> i will say this, these are government workers with personalities, but anyway,
they're federal workers at general services administration bragging and rapping about spending our tax money at a las vegas conference with halfish perks and a white house statement on that. but i do remember the president saying this: . >> you can't go take a trip to las vegas or go to the super bowl on the taxpayer's dime. there's got to be accountability and responsibility and that's something i intend to impose as president of the united states. >> well, actually you can do it on the taxpayer's dime. >> hello, everybody, i'm neil cavuto. the administration is out and the problems for the government agency just seem to pile on and on and on. to ben stein, dagen mcdowell, along with charlie gasperino. >> first of all, looked like a hell after party, i'm a little jealous. >> with that kind of, it should be a hell of a party.
>> and go ahead. >> here is the thing, a hell after party. a little jealous i wasn't invited because i helped to pay for it. now, the president said i wasn't going to be paying those, i don't par for my own party. the 2010, president said no one. why are you going to vegas, we're in the middle of a meltdown, i didn't go, but they went. i don't get it. we talk about the ultimate double standard. >> neil: what do you think. >> it's shocking and i looked up. and i thought what general services administration do? they're responsible for managing and supporting the government functioning of federal agencies and in part, to keep the costs down. my favorite was, they spent $130,000 on six planning trips to plan this. >> neil: and you know in college, there was somebody, an intern for the gsa, i had no idea what the heck i was doing, and furthermore, neither did my boss, neither did my boss, but it was essentially a procurement
center for government service. >> i don't mean to laugh, but-- >> i mean to laugh because this is, i think that's part of the process here. >> i think there's a real serious point here, we have a president who is running on an agenda of class warfare. and some is deserved, some isn't. >> i don't think you limit it to wall street. >> i'm an equal opportunity beater-upper. >> neil: which is why everyone hates. >> and if you're going to base your entire campaign on that and allow in your government, this sort of nonsense, that undercuts and shows the inherent hipocracy of at least two-thirds of his plank returning for president. >> neil: ben stein. >> i hate to be the skunk at the garden party. i don't blame them at all for having a party. las vegas is very inexpensive place to arrange parties, so
many surplus hotel rooms, get good bargains and i don't see why governments should not have a nice party. like you, i have a family member, namely my wife who used to work for gsa, she worked very, very hard. i don't see problem with them having a party. >> have a party in tulsa, in tulsa. >> i had your party in tulsa. >> just 'cause they're civil servants doesn't mean they have to put on hair shirts and flog themselves. over the concerns that-- >> i know vegas very well and been there many, many times. it takes a great deal of effort, gambling to spends that kind of money and-- >> and listen to me, 99 breakfast buffets. >> no, no. >> neil: so way you could pile up nearly a million dollars. >> nearly $44 per person on breakfast. >> and i could have gotten them into the mirage for a buck 99. what do you make of this? >> first of all, i want to say, charlie, i don't hate you
because i think someone needs to say that, and also, you've-- >>, but do you hate him. >> good friday. >> but i don't. and the government haters should acknowledge, we saw some talent there and i think we should be heartened by that. >> adam is right, you're right about-- >> and more importantly, this is not a political issue in the least. first of all, the-- this is not an administration issue, they fired a bunch of people over this, they thought it was a bad idea, and this is not the president's saying. i think you should go on the junket, he said you shouldn't go on a junket and these people got punished for it. they acted badly. they are civil servants who got out of hand according to our definition of it. not them. there's no-- >> and it's the ones, by the way it's the ones we found, you know what? >> and more of this is going on. >> i heard that the bureau of labor statistics had a knockdown drop dead party in atlantic city and just went nuts. i can't prove it, i'm working
on that one, but a couple of drinks into it and. >> and ben, you no, i guess we may have to remove the title civil servant. it doesn't sound right if you're saying in an it time we're urged as americans to sacrifice, everyone has a shared sacrifice, everyone is hurting country is in an economic depression that we could spend $75,000 on an effort in building a bicycle. a lot of the show watching the show deserve vacations and haven't had one in years and why-- >> why do they need to go on a junket. >> you're forgetting the $250,000 for the hats off program, the awards program for the employees, here is your reward for doing a good job, you get to keep your job, that's your reward. >> and why any government worker, any federal government worker needs to go on a junket right now. and-- >> charlie, charlie. >> ben stein raises a good
points. >> they work hard. >> wait a minute, wait a minute, might be some point. doesn't mean that they shouldn't celebrate success. wait a minute, but unless they're rewarded for, i don't know, procuring the best quarter-- >> then they get to keep their job, i don't understand why-- >> no, no, no, now you're getting-- >> no, no, you're in the private sector, you're a company want to throw a lavish party. >> neil: wait a minute, the blond you looked at dually noted, do you want her to lose her job. >> that's not what i'm saying, i would never-- >> we got a call from mrs. gasperino it's toast. >> she said i am-- >> and one thing, let me say one thing, because we're the not talking about punishing people, ben. this is what i don't get. not allow someone, a group of people to go on a million dollar junket as punishment,
but yet taxing a household that makes $250,000 is just, just for the economy. i don't see how both of these worlds can live in the same universe. >> we all live in a universe where we want to be appreciated. this is a junket if you want to call it, a celebration of people doing a good be job, no reason to not celebrate them doing a good job. they're working for us and-- >> and they work for us, i don't like it. and they don't-- >> and nasa having a big party at chuck e. cheese, would you be open for that. >> two slices and a coke. >> you'd complain about that. >> a civil service worker worked in miserable conditions by and large. >> ben, it's a simple solution, they don't like their job, then leave. >> yeah, but--
>> go. >> i don't know what planet you're on. >> neil: when we come back, stocks are selling off. students are just sounding sof. what if i told you both of these freakouts, connect. "for starters, it didn't cost me anything." "and i got a one-hundred dollar cash bonus for rolling over by april 16th." "i like bonuses." "plus at scottrade, there are thousands of commission-free investments." "and if i need help, i can find it online, by phone or at one of over five-hundred scottrade locations." "it's why more investors with i.r.a.s are saying.." "i'm with scottrade." ♪ [music]
my dad and grandfather spent their whole careers here. [ charlie ] we're the heartbeat of this place, the people on the line. we take pride in what we do. when that refrigerator ships out the door, it's us that work out here. [ michael ] we're on the forefront of revitalizing manufacturing. we're proving that it can be done here, and it can be done well. [ ilona ] i came to ge after the plant i was working at closed after 33 years. ge's giving me the chance to start back over. [ cindy ] there's construction workers everywhere. so what does thean? it means work. it means work for more people. [ brian ] there's a bright future here, and there's a chance to get on the ground floor of something big, something that will bring us back. not only this company, but this country. ♪
>> live from america's news headquarters, hello everyone, i'm julie banderas, an intense manhunt underway in oklahoma for a suspect who went on a shooting spree. five people shot, three of them kill. hang within a three mile span of north tulsa. we're told that police believe the shootings are linked because they happened around the same time and no word if the victims knew each other, and we'll keep you updated on developments. a scary scene in pakistan, rescuers recovering some bodies after an avalanche buries more than 100 pakistani soldiers, most of them are still missing, believed to be buried under the snow. and it happened at a military
camp near the border of india and pakistan. and a military official says the avalanche hit the soldiers by surprise. i'm julie banderas, now back to cavuto on which is, on foxnews.com, you're watching fox, the most powerful name in news. (scream (screams) >> at first i thought these are the folks they didn't get. fox business network is much, much bigger than that. apparently freaking out over no more free money. student protests at santa monica college turned violent. over cuts over state aid and at times a lot of kids didn't like and investigators are freaking out after the federal reserve bankers pretty much say they're turning off the free money, and printing presses.
>> and charles payne, i think they're joined the at the hip. >> you know, wall street, and they're worse than welfare queens, biggest brats when it comes to-- >> cements our audience core. >> the average investor. >> dave: not talking fomc minutes came out and wall street-- >> federal open market. >> dave: i'm talking wall street, the guys downtown c kansasica canyon of wall street, they're he not moving them. >> mutual funds are not moving the markets? they sold stocks. >> neil: what are you saying. >> i'm saying that wall street wants free money as long as possible. >> neil: they're no different than those kids. >> they know ultimately, neil, what the consequences are. >> look, wall street sold stocks because, guess what? the free money might be over. it's not like they want it they make a rational decision based on interest rate policy.
>> neil: and the only kids with tear gas-- >> and by the way, wall street people selling those stocks are selling on behalf of average people and mutual funds. >> i don't think that average people would-- >> and goldman sachs. >> the disappoint over the fix leaving. >> bottom line, ben bernanke what's a greater wealth effect. interest rates at zero. >> he agrees with you when he says that the response was childish. >> it's not childish, this is rational. >> and interest rates are going up. >> and you don't even listen to charles payne, go ahead, dagen. >> and this is -- whether you're an investor or not, we're drunk on free money and we don't know, really, how horrible and how long the hangover is going to last, because this has been going on so long, and we keep talking about inflation, but i remember february of 1994, when alan greenspan raised interest rates unexpectedly and everybody fell out of bed and you had hedge funds blowing up right and left.
and people do not care that the free money stopped sloshing around. if you're not buckling up now, you're a moron. >> and you're a moron. >> a moron. >> and anyway, the-- >> that's like a moron. >> and everybody wants something for nothing, and the low interest rates had a negative effect on the ordinary save or retiree, so, maybe it is time at that they go up. if there is a gain in economic activity and really in recovery they should be going up and people get upset for a while and then recover and get on to something else to be upset about. and doesn't seem like a huge thing, to santa monica college thing is silly because a lot of kids in my neighborhood, in beverly hills who are rich, rich kids who go to santa monica college and getting the free education and with the taxpayers of california is a bad joke, if they need the money that's one thing, if they don't, they shouldn't be getting a subsidy. >> adam. >> if i could just restate something that charlie said.
investigators are not complaining, they're reacting. >> dude, you've got the wrong charlie. >> no, gasperino, i'm-- they're reacting, what do you think i said. they're reacting. >> that's my point. my point-- >> finish your point. >> what i'm emphasizing, they're not complaining, upset, selling, they're doing what they do. >> i know, i agree with you, by the way when we talk about buckling up. this is how they buckle up, selling their stocks. >> now, i want a-- >> my point is, it can get a lot worse. >> i want to tear gas you. we're going to come back here, the health care law, if the supreme court strikes it down, are jobs going to go way up? the forbes gang is on it at the top of the hour. up next, holy ham, prices for the traditional easter feast are headed higher, more foods that the government's got it all upside down when it comes to inflation. ♪
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>> well, a not so happy holidays. families, gathering for the easter and passover feast are forking over more cash, a new report on surging price of ham and a traditional easter dish. latest news that the government insists does not exist. and ben stein. what do you think of all of this? >> i do the grocery shopping in my family, and i am embarrassed as a jew to say i buy a lot of ham products, but
the prices are astronomical. if the government doesn't realize that the food prices are insane, they're insane, it's a discouraging situation to see how many of your friends are unemployed, homes are underwater and the prices are absolutely out of control. >> neil: dagen. >> i like to think i know more about hogs than the actual kind that you eat, not the kind of date than anybody on this program. but, one thing that's going on, it's the government's fault that a lot of prices are higher. there are sugar support that keeps them higher and hogs, grain prices going up. corn going up because of the ethanol subsidies, point the finger at the government if you're not happy about paying more for ham. >> neil: bottom line, we're paying more for ham. >> listen, the consequence of a ridiculous fiscal policy, obama administration is monetary policy, we have to keep interest rates at zero and pump money in the system and causes inflation, in
commodity prices, grains and everything else that goes into food prices and it's a tax. it's the most regress seive tax because it hits poor people and working class people the most and it's a shame. >> pre-dating all of this was the tumble in the dollar and take a lot more dollars to buy almost everything, and that is a reflection on our horrific fiscal policy, isn't it? >> absolutely is. but i echo everything that's been said so far. but i think between-- >> you know, i think it's so gentlemanly with them, but when it's time to return the favor, he didn't do that, did he? (laughter) >> and the gentleman-- continue. >> here is the thing, i think that ben bernanke and president obama will agree there's collateral damage in the game plan. in friday, the only good thing was manufacturing and the only reason manufacturing is better because the dollar is cheaper more or less sending products into the world and ben bernanke said as much of the he knows gas is a problem and even though he doesn't pump.
>> neil: third point. >> and pull right back down, this is collateral damage they're willing to assess to try to spark the economy. >> remember why he's worried. you meant monetary policy in the fiscal policy. >> neil: no, i meant monetary policy. our fiscal policy is a joke, so i think i know what i was saying. (laughter) >> if this show look, in trouble with your wife and now with me. you want to go after the pope? where are we going here. >> not saying anything about anybody else. >> neil: adam, final thought on this. the only part i disagree with, there's some sort of conspiracy here. the government doesn't want to-- a lot of the prices are cheaper. >> oh. >> neil: if you acknowledge inflation, the genie is out of the bottle and you have to start lifting interest rates and start doing a lot of stuff you don't want to do. you most certainly want to hire. >> do you what you do at a hog farm, they're holding their nose.
>> and you and i both know, adam know, they can change the cpi report to better reflect inflation and they won't do it. >> people responsible for those statistics are busy going on junkets in las vegas, not trying to manipulate. >> and dagen says and she knows about. >> hogs farm. >> it's getting high. all right, i want to thank charlie, want to thank dagen. up next, last week, charles gave you his stocks for the rest of the year. and fair and balanced, adam and ben, they each have a pick for the rest of the year, because they're jealous of charles: (laughter) or creates another laptop bag or hires another employee, it's not just good for business, it's good for the entire community. at bank of america, we know the impact that local businesses have on communities. that's why we extended $6.4 billion in needit to small businesses across the country last year. because the more we help them,
>> you heard and charles last week. new winners for the rest of the year this week from adam. adam, what do you got? >> j.c. penney, neal, i'm intrigued with what former apple executive ron johnson is doing there. you saw layoffs this week. that's a good thing, not a bad thing for the stock. it's down a little bit from it's enthusiastic high.
>> i'm glad it's down and i'm glad you are jumping on the bandwagon. i like this one. i waited a long time on this one. >> what is j.c. penney's allure? >> not having a sell like somehow we are going to be so great we will always offer you the lowest prices out there, i think that was dead an arrival. >> think different, my friend. think different. >> ben, what do you got? >> d. f. e. m. x., the emerging market. those guys are so sharp at dimensional funds and putting together indexes it's almost unbelievable. i've had extremely good results with it by my modest standards, and i just love t i hope to keep it for the rest of my life. >> emerging markets? >> love emerging markets but if you want to avoid inflation, by caterpillar that exploits the emerging market. >> so you would do a single stock alternative to cutting the risk? >> i like a lot of american companies, like apple, for example, making over 60 percent